ABSOLUTE INVESTMENT ADVISERS, LLC

ROSEMARY BEACH, FL · CIK 1316187 · 13F filing filed 2026-07-21

SEC-registered investment adviser since 2004 · limited liability company

Assets managed$2.2bn
Staff16 · 7 in investment roles
Main clients (by assets)Mutual funds and ETFs 91%, Private funds 6%
Private funds1 (1 hedge) · $38.7m gross assets
Websiteabsoluteadvisers.com
Form ADV · 2026-03-27SEC adviser record

Legal entityABSOLUTE INVESTMENT ADVISERS, LLC (US)

$1.0bn reported value +21.4% vs Q1 2026

112positions

22.5%in top 10

23 new 23 added 28 reduced 33 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	MKS INC. NOTE 1.250% 6/0 MKSI 1.25 06.01.30	MKSI 1.25 06.01.30	12,292,000	$36.1m3.49%	3.49%	Added +24.0k	+24,000 0.2%
2	GRANITE CONSTR INC NOTE 3.250% 6/1 GVA 3.25 06.15.30	GVA 3.25 06.15.30	15,000,000	$31.5m3.04%	3.04%	Unchanged
3	APPLIED OPTOELECTRONICS INC NOTE 2.750% 1/1 NOTE 2.750% 1/1		7,000,000	$25.0m2.42%	2.42%	Unchanged
4	SEMTECH CORP NOTE 1.625%11/0 SMTC 1.625 11.01.27	SMTC 1.625 11.01.27	5,500,000	$23.8m2.30%	2.30%	Unchanged
5	HALOZYME THERAPEUTICS INC NOTE 1.000% 8/1 HALO 1 08.15.28	HALO 1 08.15.28	14,000,000	$20.4m1.97%	1.97%	Unchanged
6	ETSY INC NOTE 1.000% 6/1 ETSY 1 06.15.30	ETSY 1 06.15.30	17,201,000	$20.0m1.93%	1.93%	New
7	FLUOR CORP NOTE 1.125% 8/1 FLR 1.125 08.15.29	FLR 1.125 08.15.29	14,889,000	$19.7m1.91%	1.91%	Added +1.0m	+1,000,000 7.2%
8	INTEGER HLDGS CORP DBCV 1.875% 3/1 ITGR 1.875 03.15.30	ITGR 1.875 03.15.30	20,000,000	$19.2m1.86%	1.86%	New
9	A10 NETWORKS INC NOTE 2.750% 4/0 ATEN 2.75 04.01.30	ATEN 2.75 04.01.30	11,000,000	$18.6m1.80%	1.80%	New
10	TETRA TECH INC NEW DBCV 2.250% 8/1 TTEK 2.25 08.15.28	TTEK 2.25 08.15.28	17,226,000	$18.1m1.75%	1.75%	Reduced -300.0k	-300,000 -1.7%
11	CENTURY ALUM CO NOTE 2.750% 5/0 CENX 2.75 05.01.28	CENX 2.75 05.01.28	6,938,000	$17.1m1.66%	1.66%	Added +1.3m	+1,288,000 22.8%
12	ENCORE CAP GROUP INC NOTE 4.000% 3/1 ECPG 4 03.15.29	ECPG 4 03.15.29	11,250,000	$17.1m1.66%	1.66%	Unchanged
13	JAZZ INVESTMENTS I LTD NOTE 3.125% 9/1 JAZZ 3.125 09.15.30	JAZZ 3.125 09.15.30	10,000,000	$17.0m1.65%	1.65%	Added +1.6m	+1,650,000 19.8%
14	VISHAY INTERTECHNOLOGY INC NOTE 2.250% 9/1 VSH 2.25 09.15.30	VSH 2.25 09.15.30	8,531,000	$16.9m1.63%	1.63%	Reduced -2.5m	-2,500,000 -22.7%
15	CIPHER MINING INC NOTE 1.750% 5/1 CIFR 1.75 05.15.30	CIFR 1.75 05.15.30	3,000,000	$16.9m1.63%	1.63%	Unchanged
16	PATRICK INDS INC NOTE 1.750%12/0 PATK 1.75 12.01.28	PATK 1.75 12.01.28	10,949,000	$16.2m1.57%	1.57%	Unchanged
17	MERIT MED SYS INC NOTE 3.000% 2/0 MMSI 3 02.01.29	MMSI 3 02.01.29	15,000,000	$16.2m1.56%	1.56%	New
18	OSI SYSTEMS INC NOTE 2.250% 8/0 OSIS 2.25 08.01.29	OSIS 2.25 08.01.29	12,008,000	$16.0m1.55%	1.55%	Reduced -20.0k	-20,000 -0.2%
19	ON SEMICONDUCTOR CORP NOTE 0.500% 3/0 ON 0.5 03.01.29	ON 0.5 03.01.29	13,168,000	$15.9m1.54%	1.54%	Unchanged
20	PARSONS CORP DEL NOTE 2.625% 3/0 PSN 2.625 03.01.29	PSN 2.625 03.01.29	15,833,000	$15.6m1.51%	1.51%	Unchanged
21	LANTHEUS HLDGS INC NOTE 2.625%12/1 LNTH 2.625 12.15.27	LNTH 2.625 12.15.27	10,600,000	$15.4m1.49%	1.49%	Unchanged
22	FLUENCE ENERGY INC NOTE 2.250% 6/1 FLNC 2.25 06.15.30	FLNC 2.25 06.15.30	12,000,000	$15.4m1.49%	1.49%	Unchanged
23	ANI PHARMACEUTICALS INC NOTE 2.250% 9/0 ANIP 2.25 09.01.29	ANIP 2.25 09.01.29	11,723,000	$15.2m1.47%	1.47%	Added +250.0k	+250,000 2.2%
24	FRESHPET INC NOTE 3.000% 4/0 FRPT 3 04.01.28	FRPT 3 04.01.28	13,000,000	$15.1m1.46%	1.46%	Added +2.0m	+2,000,000 18.2%
25	LEMAITRE VASCULAR INC NOTE 2.500% 2/0 LMAT 2.5 02.01.30	LMAT 2.5 02.01.30	14,000,000	$14.9m1.44%	1.44%	Added +1.0m	+1,000,000 7.7%
26	VARONIS SYS INC NOTE 1.000% 9/1 VRNS 1 09.15.29	VRNS 1 09.15.29	15,000,000	$14.5m1.40%	1.40%	Added +4.0m	+4,000,000 36.4%
27	TORTOISE ENERGY INFRA CORP COM TYG	TYG	338,029	$14.5m1.40%	1.40%	New
28	CRACKER BARREL OLD CTRY STOR NOTE 1.750% 9/1 CBRL 1.75 09.15.30	CBRL 1.75 09.15.30	14,000,000	$14.3m1.38%	1.38%	New
29	PENGUIN SOLUTIONS INC NOTE 2.000% 8/1 PENG 2 08.15.30	PENG 2 08.15.30	5,000,000	$14.1m1.37%	1.37%	New
30	CLOUDFLARE INC NOTE 6/1 NET 0 06.15.30	NET 0 06.15.30	11,000,000	$13.9m1.35%	1.35%	New
31	NORTHERN OIL & GAS INC NOTE 3.625% 4/1 NOG 3.625 04.15.29	NOG 3.625 04.15.29	14,500,000	$13.9m1.34%	1.34%	Added +4.5m	+4,500,000 45.0%
32	ALPHATEC HLDGS INC NOTE 0.750% 3/1 ATEC 0.75 03.15.30	ATEC 0.75 03.15.30	14,500,000	$13.8m1.33%	1.33%	Added +2.8m	+2,750,000 23.4%
33	GREENBRIER COS INC NOTE 2.875% 4/1 GBX 2.875 04.15.28	GBX 2.875 04.15.28	11,795,000	$13.5m1.30%	1.30%	Reduced -2.0m	-2,000,000 -14.5%
34	LIFE360 INC NOTE 6/0 LIF 0 06.01.30	LIF 0 06.01.30	12,457,000	$12.9m1.25%	1.25%	New
35	LCI INDS NOTE 3.000% 3/0 LCII 3 03.01.30	LCII 3 03.01.30	11,500,000	$12.9m1.24%	1.24%	Added +5.0m	+4,975,000 76.2%
36	LIBERTY ALL STAR EQUITY FD SH BEN INT USA	USA	2,176,489	$12.6m1.22%	1.22%	Reduced -238.6k	-238,617 -9.9%
37	VEECO INSTRS INC DEL NOTE 2.875% 6/0 VECO 2.875 06.01.29	VECO 2.875 06.01.29	4,500,000	$12.0m1.15%	1.15%	Reduced -3.0m	-3,000,000 -40.0%
38	T1 ENERGY INC NOTE 5.250%12/0 TE 5.25 12.01.30	TE 5.25 12.01.30	7,000,000	$11.9m1.15%	1.15%	Unchanged
39	SPECTRUM BRANDS INC NOTE 3.375% 6/0 SPB 3.375 06.01.29	SPB 3.375 06.01.29	11,411,000	$11.8m1.14%	1.14%	Unchanged
40	PROGRESS SOFTWARE CORP NOTE 3.500% 3/0 PRGS 3.5 03.01.30	PRGS 3.5 03.01.30	12,335,000	$11.8m1.14%	1.14%	Added +718.0k	+718,000 6.2%
41	GUIDEWIRE SOFTWARE INC NOTE 1.250%11/0 GWRE 1.25 11.01.29	GWRE 1.25 11.01.29	12,000,000	$11.5m1.11%	1.11%	Added +2.0m	+2,000,000 20.0%
42	AKAMAI TECHNOLOGIES INC NOTE 1.125% 2/1 AKAM 1.125 02.15.29	AKAM 1.125 02.15.29	9,327,000	$11.1m1.07%	1.07%	Reduced -4.5m	-4,500,000 -32.5%
43	BENTLEY SYS INC NOTE 0.375% 7/0 BSY 0.375 07.01.27	BSY 0.375 07.01.27	11,500,000	$11.0m1.07%	1.07%	Reduced -1.0m	-1,000,000 -8.0%
44	LIVANOVA PLC NOTE 2.500% 3/1 LIVN 2.5 03.15.29	LIVN 2.5 03.15.29	8,000,000	$10.8m1.05%	1.05%	Unchanged
45	DATADOG INC NOTE 12/0 DDOG 0 12.01.29	DDOG 0 12.01.29	7,416,000	$10.5m1.02%	1.02%	Reduced -1.0m	-1,000,000 -11.9%
46	ALARM COM HLDGS INC NOTE 2.250% 6/0 ALRM 2.25 06.01.29	ALRM 2.25 06.01.29	11,000,000	$10.4m1.01%	1.01%	Added +1.0m	+1,000,000 10.0%
47	BOX INC NOTE 1.500% 9/1 BOX 1.5 09.15.29	BOX 1.5 09.15.29	10,500,000	$10.2m0.99%	0.99%	Unchanged
48	BLACKLINE INC NOTE 1.000% 6/0 BL 1 06.01.29	BL 1 06.01.29	11,000,000	$10.1m0.98%	0.98%	Reduced -1.0m	-1,000,000 -8.3%
49	ITRON INC NOTE 1.375% 7/1 ITRI 1.375 07.15.30	ITRI 1.375 07.15.30	10,000,000	$10.0m0.96%	0.96%	Unchanged
50	NUTANIX INC NOTE 0.500%12/1 NTNX 0.5 12.15.29	NTNX 0.5 12.15.29	10,000,000	$9.9m0.95%	0.95%	Reduced -3.0m	-3,000,000 -23.1%
51	JOBY AVIATION INC NOTE 0.750% 2/1 JOBY 0.75 02.15.32	JOBY 0.75 02.15.32	10,640,000	$9.7m0.93%	0.93%	Added +4.5m	+4,500,000 73.3%
52	PACIRA BIOSCIENCES INC NOTE 2.125% 5/1 PCRX 2.125 05.15.29	PCRX 2.125 05.15.29	9,000,000	$9.0m0.87%	0.87%	Unchanged
53	AKAMAI TECHNOLOGIES INC NOTE 0.250% 5/1 AKAM 0.25 05.15.33	AKAM 0.25 05.15.33	6,000,000	$8.8m0.85%	0.85%	New
54	GLOBAL PMTS INC NOTE 1.500% 3/0 GPN 1.5 03.01.31	GPN 1.5 03.01.31	9,537,000	$8.6m0.83%	0.83%	Added +4.1m	+4,069,000 74.4%
55	UPWORK INC NOTE 0.250% 8/1 UPWK 0.25 08.15.26	UPWK 0.25 08.15.26	8,640,000	$8.6m0.83%	0.83%	Unchanged
56	GABELLI EQUITY TR INC COM GAB	GAB	1,508,078	$8.5m0.82%	0.82%	New
57	PAGERDUTY INC NOTE 1.500%10/1 PD 1.5 10.15.28 *	PD 1.5 10.15.28 *	9,000,000	$8.4m0.81%	0.81%	Unchanged
58	WINNEBAGO INDS INC NOTE 3.250% 1/1 WGO 3.25 01.15.30	WGO 3.25 01.15.30	9,000,000	$8.4m0.81%	0.81%	Unchanged
59	SUPER MICRO COMPUTER INC NOTE 6/1 SMCI 0 06.15.30	SMCI 0 06.15.30	9,000,000	$8.0m0.77%	0.77%	New
60	NUVEEN S&P 500 DYNAMIC OVERW COM XSSPX	XSSPX	421,986	$7.9m0.76%	0.76%	Reduced -8.4k	-8,447 -2.0%
61	RAPID7 INC NOTE 0.250% 3/1 RPD 0.25 03.15.27	RPD 0.25 03.15.27	8,123,000	$7.8m0.76%	0.76%	Unchanged
62	CONMED CORP NOTE 2.250% 6/1 CNMD 2.25 06.15.27	CNMD 2.25 06.15.27	8,000,000	$7.8m0.75%	0.75%	Unchanged
63	POST HLDGS INC NOTE 2.500% 8/1 POST 2.5 08.15.27	POST 2.5 08.15.27	7,500,000	$7.7m0.75%	0.75%	Unchanged
64	MCEWEN INC. NOTE 5.250% 8/1 MUX 5.25 08.15.30	MUX 5.25 08.15.30	4,000,000	$7.7m0.74%	0.74%	Unchanged
65	ALKAMI TECHNOLOGY INC NOTE 1.500% 3/1 ALKTEC 1.5 03.15.30	ALKTEC 1.5 03.15.30	8,000,000	$7.6m0.73%	0.73%	Reduced -1.6m	-1,590,000 -16.6%
66	SNOWFLAKE INC NOTE 10/0 SNOW 0 10.01.29	SNOW 0 10.01.29	4,000,000	$7.1m0.68%	0.68%	New
67	WAYFAIR INC NOTE 3.250% 9/1 W 3.25 09.15.27	W 3.25 09.15.27	4,664,000	$7.1m0.68%	0.68%	Unchanged
68	REPLIGEN CORP NOTE 1.000%12/1 RGEN 1 12.15.28	RGEN 1 12.15.28	6,000,000	$6.1m0.59%	0.59%	Unchanged
69	AMC NETWORKS INC NOTE 4.250% 2/1 AMCX 4.25 02.15.29 *	AMCX 4.25 02.15.29 *	5,500,000	$5.9m0.57%	0.57%	Unchanged
70	EVOLENT HEALTH INC DEBT 4.500% 8/1 DEBT 4.500% 8/1		7,500,000	$5.9m0.57%	0.57%	Unchanged
71	CREDIT SUISSE HIGH YIELD BD SH BEN INT XDHYX	XDHYX	3,002,193	$5.3m0.52%	0.52%	New
72	NEUBERGER BERMAN REAL ESTATE COM XNROX	XNROX	1,714,646	$5.2m0.50%	0.50%	Added +277.9k	+277,947 19.4%
73	T1 ENERGY INC NOTE 4.000% 4/1 TE 4 04.15.31	TE 4 04.15.31	3,000,000	$5.1m0.49%	0.49%	New
74	NEUBERGER BERMAN HIGH YIELD COM NHS	NHS	800,744	$5.0m0.48%	0.48%	New
75	MADISON COVERED CALL & EQUIT COM MCN	MCN	871,846	$4.8m0.47%	0.47%	Added +304.8k	+304,785 53.8%
76	REDFIN CORP NOTE 0.500% 4/0 RDFN 0.5 04.01.27	RDFN 0.5 04.01.27	4,925,000	$4.7m0.46%	0.46%	Added +2.0m	+2,000,000 68.4%
77	WORKIVA INC NOTE 1.250% 8/1 WK 1.25 08.15.28	WK 1.25 08.15.28	5,000,000	$4.7m0.45%	0.45%	Reduced -2.0m	-2,000,000 -28.6%
78	NUVEEN CR STRATEGIES INCOME COM SHS XJQCX	XJQCX	932,452	$4.5m0.44%	0.44%	Reduced -207.4k	-207,397 -18.2%
79	ASTRONICS CORP NOTE 5.500% 3/1 ATRO 5.5 03.15.30	ATRO 5.5 03.15.30	1,000,000	$4.4m0.42%	0.42%	Unchanged
80	ISHARES TR U.S. REAL ES ETF IYR	IYR	42,258	$4.3m0.42%	0.42%	New
81	VOYA EMERGING MKTS HIGH DIVI COM XIHDX	XIHDX	515,063	$4.0m0.39%	0.39%	New
82	BLACKROCK CORPOR HI YLD FD I COM HYT	HYT	460,607	$3.9m0.38%	0.38%	Reduced -731.3k	-731,257 -61.4%
83	NUVEEN REAL ASSET INCOME & G COM JRI	JRI	257,827	$3.3m0.32%	0.32%	Reduced -327.9k	-327,937 -56.0%
84	BLACKROCK ENERGY & RES TR COM BGR	BGR	216,502	$3.2m0.31%	0.31%	Reduced -12.0k	-11,978 -5.2%
85	SYNAPTICS INC NOTE 0.750%12/0 SYNA 0.75 12.01.31	SYNA 0.75 12.01.31	2,000,000	$3.0m0.29%	0.29%	Unchanged
86	FS CREDIT OPPORTUNITIES CORP COMMON STOCK FSCO	FSCO	552,067	$2.8m0.27%	0.27%	Reduced -6.6k	-6,619 -1.2%
87	GREEN PLAINS INC NOTE 2.250% 3/1 GPRE 2.25 03.15.27	GPRE 2.25 03.15.27	2,668,000	$2.6m0.26%	0.26%	Unchanged
88	WESTERN ASSET HIGH YIELD DEF COM HYI	HYI	245,966	$2.6m0.25%	0.25%	Unchanged
89	COINBASE GLOBAL INC NOTE 0.250% 4/0 COIN 0.25 04.01.30	COIN 0.25 04.01.30	2,837,000	$2.5m0.25%	0.25%	Unchanged
90	ALPHATEC HLDGS INC NOTE 0.750% 8/0 ATEC 0.75 08.01.26	ATEC 0.75 08.01.26	2,512,000	$2.5m0.24%	0.24%	Unchanged
91	CELCUITY INC NOTE 0.250% 8/0 CELC 0.25 08.01.32	CELC 0.25 08.01.32	2,000,000	$2.3m0.22%	0.22%	New
92	INVESCO SR INCOME TR COM VVR	VVR	737,508	$2.2m0.21%	0.21%	Reduced -737.7k	-737,678 -50.0%
93	DESTRA MULTI-ALTERNATIVE FD COMMON SHARES DMA	DMA	284,406	$2.1m0.21%	0.21%	Added +10.7k	+10,710 3.9%
94	BLACKROCK FLOATING RATE INCO COM XFRAX	XFRAX	158,954	$1.7m0.17%	0.17%	Added +49.7k	+49,724 45.5%
95	RAPID7 INC NOTE 1.250% 3/1 RPD 1.25 03.15.29	RPD 1.25 03.15.29	2,000,000	$1.7m0.16%	0.16%	Unchanged
96	PIMCO CORPORATE & INCOME OPP COM PTY	PTY	116,063	$1.4m0.13%	0.13%	Added +33.4k	+33,424 40.5%
97	WESTERN ASSET HIGH INCOME OP COM HIO	HIO	372,457	$1.4m0.13%	0.13%	Reduced -96.7k	-96,701 -20.6%
98	HANCOCK JOHN PREM DIVID FD COM SH BEN INT PDT	PDT	87,415	$1.1m0.11%	0.11%	Unchanged
99	UNITY SOFTWARE INC NOTE 3/1 U 0 03.15.30	U 0 03.15.30	1,000,000	$1.1m0.11%	0.11%	Unchanged
100	BLACKROCK FLOATING RATE INC COM BGT	BGT	94,792	$1.0m0.10%	0.10%	Reduced -167.6k	-167,608 -63.9%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
WISDOMTREE INC WT 3.25 08.15.29	WT 3.25 08.15.29	9,308,000	$12.5m9.3m shares
BLACKROCK INNOVATION AND GRW BTX	BTX	1,549,398	$10.2m1.5m shares
LCI INDS LCII 1.125 05.15.26	LCII 1.125 05.15.26	8,217,000	$8.2m8.2m shares
BANDWIDTH INC BAND 0.5 04.01.28	BAND 0.5 04.01.28	9,100,000	$8.1m9.1m shares
CSG SYS INTL INC CSGS 3.875 09.15.28	CSGS 3.875 09.15.28	5,000,000	$6.1m5.0m shares
NYLI CBRE GBL INFR MEGTRNDS MEGI	MEGI	411,549	$6.0m411.5k shares
WORKIVA INC WK 1.125 08.15.26	WK 1.125 08.15.26	6,000,000	$6.0m6.0m shares
ABRDN INCOME CREDIT STRATEGI ACP	ACP	1,035,965	$5.3m1.0m shares
ENOVIS CORPORATION ENOV 3.875 10.15.28	ENOV 3.875 10.15.28	5,000,000	$4.8m5.0m shares
ACCURAY INC DEL ARAY 3.75 06.01.26	ARAY 3.75 06.01.26	4,700,000	$4.5m4.7m shares
NXG CUSHING MIDSTREAM ENERGY SRV	SRV	99,777	$4.4m99.8k shares
ORMAT TECHNOLOGIES INC ORA 2.5 07.15.27	ORA 2.5 07.15.27	3,000,000	$3.9m3.0m shares
COHEN & STEERS INFRASTRUCTUR UTF	UTF	142,391	$3.7m142.4k shares
RIVERNORTH OPPORTUNITIES FD RIV	RIV	274,406	$3.0m274.4k shares
BLACKROCK SCIENCE & TECHNOLO BSTZ	BSTZ	137,302	$3.0m137.3k shares
NUVEEN FLOATING RATE INCOME JFR	JFR	391,237	$2.9m391.2k shares
BLACKROCK CORE BD TR BHK	BHK	316,951	$2.9m317.0k shares
ORACLE CORP ORCL 6.5 01.15.29 D	ORCL 6.5 01.15.29 D	60,000	$2.7m60.0k shares
VIRTUS TOTAL RETURN FD INC ZTR	ZTR	279,486	$1.9m279.5k shares
LMP CAP & INCOME FD INC XSCDX	XSCDX	97,544	$1.5m97.5k shares
BLACKROCK MUNIASSETS FD INC MUA	MUA	127,113	$1.3m127.1k shares
FRANKLIN LTD DURATION INCOME FTF	FTF	214,168	$1.2m214.2k shares
VIRTUS STONE HBR EMRG MKTS I EDF	EDF	246,827	$1.2m246.8k shares
XOMETRY INC XMTR 1 02.01.27	XMTR 1 02.01.27	1,000,000	$1.1m1.0m shares
FS SPECIALTY LENDING FD FSSL	FSSL	66,654	$833.8k66.7k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
PIONEER DIVERSIFIED HIGH INC XHNWX · 13G · filed 2025-09-25	XHNWX	14.8%	new	13G	2025-09-25
PIONEER FLOATING RATE FUND I XPHDX · 13G · filed 2025-09-25	XPHDX	11.3%	new	13G	2025-09-25